The good news in the current marketplace is that affordability is better than it has been in some time. Providing an environment for first-time buyer sales lays the foundation for the move-up market. We all know this in theory, but this latest research shared by Lennox Scott of John L. Scott in Seattle, reinforces the value for state government as well:

The study shows that in that state alone, over a two-year period, first time home purchases would have a tremendous impact:
  • 8,533 jobs
  • $340.3 million in wages
  • $1.35 billion in economic activity
  • $133 million in state and local tax revenue, including real estate excise taxes, sales taxes, business/occupation taxes and property taxes